With the Shiba Inu (SHIB) price currently up close to 10% from its recent lows, some bulls are questioning whether a new rally is starting.
The Shiba Inu price was close to $0.000000925, having bounced from a triple low it tested under $0.0000085 last week.
The rally in the Shiba Inu price comes as the broader cryptocurrency market picks up.
Bitcoin (BTC) hit two-week highs near $44,000 on Tuesday as concerns about Grayscale selling fade and bullish bets return.
Ether (ETH) pushed into the upper $2,300s as major UK bank Standard Chartered predicted a potential rally to $4,000.
Spannender Ausblick von Standard Chartered, einer globalen Finanzgröße: Sie erwarten die Genehmigung von den Spot Ethereum ETFs am 23. Mai.
Interessant dabei: Sie sehen ein Preisziel von $4,000 für ETH, angelehnt an die BTC-Entwicklung vor dessen ETF-Start. https://t.co/GkbIg15Fga pic.twitter.com/pm6ITjvARI
— Hoss (@hoss_crypto) January 30, 2024
Despite the recent bounce, the Shiba Inu price bulls can’t get too excited just yet.
That’s because the Shiba Inu price hasn’t yet been able to break above a key short-term resistance zone.
If Shiba Inu price predictions are to turn substantially more bullish, this is the zone to watch.
Shiba Inu Price Needs to Break Above This Zone If New Rally to Start
Shiba Inu’s 21DMA and a downtrend from its December highs both coincide around $0.00000940.
This is the key resistance level to watch.
The Shiba Inu price briefly pushed above here on Tuesday, reaching as high as the $0.00000960s.
But it has since pulled back.
A sustained breakout above here will be needed for price bets to get more bullish.
If a bullish breakout is confirmed, SHIB could quickly pump back to December highs near $0.000012.
That would present upside of nearly 30% from current levels.
Shiba Inu (SHIB) Price Chart / Source: TradingView
That’s pretty good.
But Shiba Inu’s market cap is already bloated at around $5.5 billion, limiting the chance of exponential growth.
Moreover, the launch of Shiba Inu’s Shibarium layer-2 blockchain, which was designed to act as a home for the Shiba Inu web3 ecosystem, has so far been a dud.
As per DeFi Llama, despite launching five months ago, it has only been able to garner a trade value locked (TVL) of around $833,000.
A lack of capital inflows into the protocol are indicative of a lack of adoption.
Shiba Inu thus remains a highly risky bet, with limited upside potential and big downside risk.
All meme coins are risky, but some up-and-coming projects at least offer a strong possibility of 100x gains.
One such project that has been closely followed by analysts at Cryptonews.com is Sponge V2.
Better Meme Coin Alternative to Shiba Inu
Sponge V2 is the reincarnation of the legendary Spongebob Squarepants-themed $SPONGE token, which reached a market cap of nearly $100 million earlier in 2023 and delivered gains to its earlier investors in the region of 100x.
$SPONGE token holders will be able to stake their tokens to receive an equivalent amount of $SPONGEV2 tokens, as well as to start earning staking rewards (paid out in $SPONGEV2) with a minimum APY of 40%.
Around $4 million worth of $SPONGE tokens have already been staked and are gaining an APY of over 300%.
Huge milestone alert, #SPONGERS!
There are now over 6 billion $SPONGE tokens staked with a value of $3,958,206.14!
Our holders are enjoying an impressive current APY of +250%.
Join us and absorb the damp!! #SpongeV2 #Crypto #Web3 #Alts #100x pic.twitter.com/llxFF0hfby
— $SPONGE (@spongeoneth) January 26, 2024
$SPONGEV2’s main advantage over $SPONGE is that it will power a new play-to-earn game racing game.
Hype surrounding Sponge V2 has driven significant gains in the price of the original Sponge token in recent weeks.
At above $0.0006, $SPONGE is up over 4x versus its November lows, as per DEXTools.
Stop playing….start absorbing
We’re gunning for top spot $SPONGE #SpongeV2 #DOGE #PEPE #FLOKI #BONK #Crypto pic.twitter.com/uv0Ezshl8g
— $SPONGE (@spongeoneth) January 26, 2024
At a still tiny market cap of $15 million, the meme coin has a lot of potential upside as traders keep flocking to Sponge V2.
The post Shiba Inu Price Prediction as SHIB Bounces 10% – New Rally Starting? appeared first on Cryptonews.